PSE Index Hacks Out Rise After Volatile Run

The Philippine Stock Exchange (PSE) index today closed slightly higher at 6,308.57 points, up by 14.06 points or 0.22 percent after a volatile run that saw it decline to a milestone level an hour before the close as market sluggishness continued.

The Philippine Stock Exchange (PSE) Index, June 26, 2024

Market bellwether SM Investments saw its share price rise to P826 and then hit rock bottom at P807 before closing at P809, down by P17 or 2.06 percent, showing continued disinterest in the local market.

Holding firms and mining and oil lost 0.64 percent and 0.12 percent respectively, while financials went up by 0.15 percent, industrials by 0.63 percent, services by 0.86 percent, and property by 0.22 percent.

Value turnover was below average at P4.9 billion, though foreign selling was lower than foreign buying, the only optimistic item in today's trading.

Net foreign buying amounted to P84.575 million on foreign buying of P2.483 billion and foreign selling of P2.398 billion.

The negative sentiment in the market resulted in the index hitting a low of 6,277.86 points after opening at 6,308.57 points. There were 85 gainers, 90 losers, and 69 shares unchanged.

SM Prime emerged as the most active with P620 million in trades, closing unchanged at P27.15.

Others unchanged were Union Bank, First Gen, SPNEC, Figaro Coffee, Citicore REIT, Ayala Corp, Cosco Capital, Cebu Air, Alternergy, MREIT, and Philex Mining.

Among the gainers were Ayala Land, ICTSI, Globe Telecom, PLDT, Bank of the Philippine Islands, Converge, ACEN Corp, Semirara Mining, Alliance Global, Aboitiz Equity, Jollibee Foods, Axelum, Ginebra, AgriNurture, PAL, Oriental Petroleum, Nickel Asia, Universal Robina, and DoubleDragon.

The losers were BDO Unibank, Metrobank, Security Bank, Shell Pilipinas, D&L Industries, Monde Nissin, Abacore, ABS-CBN, DigiPlus, PhilWeb, GT Capital, Robinsons Land, DITO CME, Bloomberry, and OceanaGold.